Median Home Prices In Every State

Table Of Content

• Historical Trends of Median Prices of Existing Homes
• Top 10 Metros in the U.S. with the Fastest Growing Sales Price
• Typical home price in Louisiana: $195,544 (57% of typical U.S. price)
• Typical home price in Illinois: $246,770 (72% of typical U.S. price)
• Down Payment
• Home prices are rising faster than wages

It’s worth noting that wages in West Virginia are also typically much lower than in other states. Despite the relatively high cost of housing in Idaho, it is an attractive state for its low cost of living, low population density, and lower job competition. The second most expensive homes in the US are in the state of California. In the 1940s, housing was considered affordable by government housing programs if it cost no more than 20% of income. However, now housing is defined as affordable when it costs less than 30% of household income, which allows the household to spend 70% on other costs and financial goals. After you’ve paid down your mortgage balance or your house value increases and you own 20% in equity, you can request a cancellation of PMI, which you may be paying monthly.

Historical Trends of Median Prices of Existing Homes

The average price of houses sold is the total value of all houses sold divided by the number of houses sold in a given period. The median price of houses sold is the middle point of the distribution of house prices, such that half of the houses are sold for more and half for less than that price. The average price can be influenced by outliers, such as very expensive or very cheap houses, while the median price is more representative of the typical house price. Zillow says the average house price in California is $635,055, a 10.9 percent increase from last year. The average house price in Los Angeles is $826,566, and in Malibu the average home price is more than $3.4 million. If you’re looking for more affordable options in California, Eureka has an average house price of $329,525 and Sacramento has an average house price of $410,061.

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Top 10 Metros in the U.S. with the Fastest Growing Sales Price

Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Mississippi cracked the top five of Bankrate’s most recent ranking of best states to retire in, and its affordable housing is a big reason why. Combine that with temperate weather, rich history and Gulf coastline, and it’s no wonder more people are discovering this Southern state. According to data from the National Association of Realtors, the median price for an existing home — one that’s already standing, not new construction — was $387,600 as of November 2023.

Typical home price in Louisiana: $195,544 (57% of typical U.S. price)

As a result, the income-to-home-value ratio is in the lower half of the states. Montana has among the lowest income-to-home-value ratios, due to the typical home there being 29% more expensive than the average U.S. home and the median income being 10% below the median U.S. income. Minnesota has a typical home value of $317,275, 7% below the typical national home price. With a median household income 10% higher than the national median, homes there are relatively affordable.

Homes in Alexandria, which is right near D.C., go for $585,188 on average, whereas houses in Richmond go for $267,878 on average. If you want to live near the ocean, Virginia Beach homes go for $314,669 on average. The average price of a home in Ohio is $170,492—an 11 percent increase over the last year. Ohio cities like Cincinnati and Columbus have reinvented themselves, morphing into meccas for arts, culture, and cuisine.

Closing Costs

Amy Fontinelle is a freelance writer, researcher and editor who brings a journalistic approach to personal finance content. Since 2004, she has worked with lenders, real estate agents, consultants, financial advisors, family offices, wealth managers, insurance companies, payment companies and leading personal finance websites. Amy also has extensive experience editing academic papers and articles by professional economists, including eight years as the production manager of an economics journal. Conventional wisdom says to make a 20% down payment on a home, but you don’t need to follow that advice. Just keep in mind that if you decide to go with a low-down-payment option, you’ll most likely need room in your budget for monthly mortgage insurance premiums. If you want to know how much homes typically cost in a location, you can look at the average sale price or median sale price.

Median Home Price in the US in 2023

Homeownership rates also count people who bought a home already and currently live in it. Find my historical home price series using nominal prices and one adjusted for inflation. The tool automatically checks for data updates weekly, but due to report release cadence, the data lags behind (by a few months).

However, this is only one area of all the cost of living elements that create your goods and services category. Utilities can include a variety of expenses — electricity, gas, water, trash and even internet. All combined, Los Angeles utilities run 9.9 percent higher than the national average. Basic groceries like a load of bread or a half gallon of milk have average costs of $3.99 and $2.56 respectively, which are pretty close to the price throughout California. You can’t talk about eating in Los Angeles without acknowledging the state has its own signature fare.

The housing market tends to follow the law of supply and demand, and since there isn’t enough supply to match demand, home prices are looking fairly resilient. Estimated monthly costs for housing put Playa Vista and Brentwood at the top. The map below measures affordability by the share of wages an average earner would spend on a median home’s mortgage at 2022 interest rates with a 10% down payment.

The COVID-19 pandemic also led to consumers shifting spending to housing and pushed more millennials toward homeownership. Starting in 2022, however, mortgage rates began to rise rapidly, and house prices have dropped from their peak. If you want to live in the Bay State, be prepared for a more expensive housing market.

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If you’re hoping to buy a house in the near future, your pathway to purchase will look quite different depending on where exactly you want to live. The definition of affordability isn’t identical across the entire country, so it’s important to think about where you can get the biggest bang for your buck. Making housing costs even more challenging, nearby cities don’t often cut you a break, either. Places like Santa Monica, Venice and Hollywood all have higher one-bedroom rents. The typical one-bed rent in Santa Monica is actually $1,000 more than in Los Angeles. Rent in Los Angeles is considerably higher compared with the national average.

This means 24.7% of the average American homeowner’s income is spent on housing costs. After making it past the first month of homeownership’s significant expenses, homeowners need to plan for ongoing ownership-related monthly costs. In general, you will pay down the home loan while also paying interest, property taxes, insurance, and maintenance and improvement of the home. The Ascent also has a mortgage calculator that can help you figure out mortgage payments. You can also try out our house affordability calculator to help you determine how much real estate you can afford. Single-family homes in Maine are typically more expensive than the average U.S. home.

If your mortgage calculator results make homeownership seem unrealistic, don’t give up. Look into down payment assistance and first-time homebuyer programs from state agencies and lenders that cater to first-time homebuyers. The average home price in the United States was $495,100 in the second quarter of 2023, according to the Census Bureau and Department of Housing and Urban Development. By comparison, the median U.S. home price in June 2023 was $426,056, according to Redfin.